Assessee entered into a joint venture agreement for acquisition of a plot from Maharashtra Industrial Development Corporation (MIDC). Allotment of plot was made by MIDC in February, 2006.  Assessee relinquished its right, title and interest in said plot in favour of other company and shown the receipt as capital receipt. AO accepted the claim on the basis that the assessee did not carry on any business activity during relevant year or earlier years.  Commissioner passed a revisional order setting aside assessment on ground that income earned by assessee was in nature of business income. Tribunal held that the that Assessing Officer had thoroughly examined issue during course of scrutiny assessment proceedings and had given a very categorical finding that any property whether connected with business or not other than stock-in-trade was a capital asset. Accordingly set aside the order of the revisional order of CIT. High Court upheld Tribunal’s order. (AY. 2008 -09)